SA, Mozambique state energy firms to increase shareholding in gas pipeline

But that deal was subject to pre-emptive rights on the shares held by existing shareholders iGAS, a subsidiary of SA's Central Energy Fund, and Companhia Moçambicana de Gasoduto , a subsidiary of Mozambique's Empresa Nacional de Hidrocarbonetos.

IGAS and CMG will now increase their stakes in ROMPCO to 40% each from their current level of 25%. Sasol, which is trying to shed assets to pay off debt, will reduce its shareholding from 50% to 20%. The transaction will be fully funded from past and future dividends generated by the 865-kilometre pipeline, the Central Energy Fund and Empresa Nacional de Hidrocarbonetos said in a joint statement.

“Having both governments as majority shareholders of the cross-border pipeline is strategic, since the pipeline is the single source of gas to the SA market,” ENH CEO Estêvão Pale said in the statement.

Source: Energy Industry News (energyindustrynews.net)

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